Sphere Entertainment Correlations

SPHR Stock

33.12 0.61 1.88%

The current 90-days correlation between Sphere Entertainment and Adient PLC is 0.29 (i.e., Modest diversification). The correlation of Sphere Entertainment is a statistical measure of how it moves in relation to other instruments. This measure is expressed in what is known as the correlation coefficient, which ranges between -1 and +1. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak. If the correlation is 0, the equities are not correlated; they are entirely random.

Sphere Entertainment Correlation With Market

Weak diversification

The correlation between Sphere Entertainment Co and DJI is 0.35 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Sphere Entertainment Co and DJI in the same portfolio, assuming nothing else is changed.

Check out World Market Map to better understand how to build diversified portfolios, which includes a position in Sphere Entertainment Co. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in rate.

Moving together with Sphere Stock

0.74	DIS	Walt Disney	Pair Corr
0.75	MCS	Marcus	Pair Corr
0.65	RDI	Reading International Earnings Call This Week	Pair Corr
0.69	GAIA	Gaia Inc Earnings Call Today	Pair Corr
0.82	LLYVK	Liberty Media	Pair Corr
0.63	CRTO	Criteo Sa	Pair Corr
0.74	Z	Zillow Group Class Sell-off Trend	Pair Corr
0.65	OB	Outbrain	Pair Corr
0.7	ZG	Zillow Group	Pair Corr
0.69	DOYU	DouYu International	Pair Corr
0.62	VENU	Venu Holding	Pair Corr

Moving against Sphere Stock

0.57	EA	Electronic Arts Sell-off Trend	Pair Corr
0.48	RDIB	Reading International Earnings Call This Week	Pair Corr
0.46	VZ	Verizon Communications Sell-off Trend	Pair Corr
0.46	EVER	EverQuote Class A	Pair Corr
0.34	FNGR	FingerMotion	Pair Corr

Related Correlations Analysis

	ADNT	DAN	LNT	CNP	AEP	MGA	BWA	NRUC
ADNT		-0.07	-0.69	-0.8	-0.64	0.75	0.77	-0.37	ADNT
DAN	-0.07		0.48	0.45	0.7	-0.53	-0.41	0.77	DAN
LNT	-0.69	0.48		0.9	0.9	-0.79	-0.79	0.6	LNT
CNP	-0.8	0.45	0.9		0.88	-0.76	-0.76	0.59	CNP
AEP	-0.64	0.7	0.9	0.88		-0.86	-0.8	0.74	AEP
MGA	0.75	-0.53	-0.79	-0.76	-0.86		0.89	-0.58	MGA
BWA	0.77	-0.41	-0.79	-0.76	-0.8	0.89		-0.49	BWA
NRUC	-0.37	0.77	0.6	0.59	0.74	-0.58	-0.49		NRUC
	ADNT	DAN	LNT	CNP	AEP	MGA	BWA	NRUC

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Correlation Matchups

Over a given time period, the two securities move together when the Correlation Coefficient is positive. Conversely, the two assets move in opposite directions when the Correlation Coefficient is negative. Determining your positions' relationship to each other is valuable for analyzing and projecting your portfolio's future expected return and risk.

High positive correlations

CNP	+ 0.9	LNT
AEP	+ 0.9	LNT
BWA	+ 0.89	MGA
AEP	+ 0.88	CNP
BWA	+ 0.77	ADNT
NRUC	+ 0.77	DAN

High negative correlations

MGA	- 0.86	AEP
BWA	- 0.8	AEP
CNP	- 0.8	ADNT
BWA	- 0.79	LNT
MGA	- 0.79	LNT
BWA	- 0.76	CNP

Risk-Adjusted Indicators

There is a big difference between Sphere Stock performing well and Sphere Entertainment Company doing well as a business compared to the competition. There are so many exceptions to the norm that investors cannot definitively determine what's good or bad unless they analyze Sphere Entertainment's multiple risk-adjusted performance indicators across the competitive landscape. These indicators are quantitative in nature and help investors forecast volatility and risk-adjusted expected returns across various positions.

	Mean Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
ADNT	1.99	(0.29)	0.00	(0.29)	0.00	0.00	3.74	(4.55)	10.62
DAN	2.20	0.35	0.13	0.21	2.38	(2.32)	5.46	(3.75)	19.62
LNT	0.86	0.10	0.09	0.32	1.15	(0.86)	1.93	(2.39)	5.88
CNP	0.86	0.19	0.20	0.41	0.79	(0.97)	2.51	(1.74)	5.48
AEP	0.95	0.21	0.18	6.29	1.08	(0.97)	1.98	(1.95)	7.23
MGA	1.56	(0.17)	0.00	(0.20)	0.00	0.00	2.59	(3.66)	11.48
BWA	1.44	(0.13)	0.00	(0.20)	0.00	0.00	2.61	(2.85)	6.54
NRUC	0.50	0.03	0.11	0.09	0.50	(0.60)	0.81	(0.81)	4.08

Sphere Entertainment Corporate Management

Ray Casazza	Executive Administration	Profile
Ari CFA	Financial Relations	Profile
Mikyl Cordova	Executive Marketing	Profile
Richard Constable	Executive Impact	Profile
James Claffey	Executive Management	Profile

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